On Tuesday, the first cryptocurrency exchange-traded fund, the ProShares Bitcoin Strategy Fund (BITO) debuted on the New York Stock Exchange. It made 23.1 million shares traded, or nearly $950 million when the session closed. BITO has become the second-highest ETF in the opening day volume. It reflects the great demand of individual investors and advisors who are looking for prudent ways to get exposure to Bitcoin.
COO of Solidus Labs, Chen Arad, said that the well-performed Bitcoin ETF gives a strong signal of adoption of BTC and crypto as a whole by the market, which could lead to general price increases.
Sharing the same opinion, Michael Sonnenshein, CEO of Grayscale, remarked that the SEC was getting more relaxed on the idea of cryptocurrencies. It will only be a matter of time before the ETH ETF is approved by the Securities and Exchange Commission.
As Bitcoin surged high to $64000 after the approval of Bitcoin ETF, investors may wonder how high the largest virtual currency will hit within the year. Wall Street Strategist Tom Lee made a bold prediction. He believes the BTC price would hit the $100,000 mark and added that the asset could go as high as $168,000 by the end of this year. Although the asset’s price will be hyper-volatile in the coming months, Lee suggests that would create a reward for people.
30 May 2023
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